Choi Tae-won Meets Industry Minister Emphasizing 'Public-Private Cooperation'... Minister Responds, "Together with Businesses"

Meeting with Minister Lee Chang-yang of the Ministry of Industry at the Sang-ui Hall on the 18th

Minister Lee also agrees with Chairman Choi's message of 'public-private cooperation'
Minister Lee: "We will develop growth strategies together with policy partner companies"

"Urgent need for labor, education, and environmental regulatory reforms"
"Activation of policy consultations to strengthen entrepreneurship and industrial ecosystem"

Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry delivering the keynote speech at the "Energy Transition and Carbon Neutrality Policy Seminar" held on the 28th of last month at the Chamber of Commerce Building in Jung-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Moon Chaeseok] On the 18th, Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI), met with Lee Chang-yang, the newly appointed Minister of Trade, Industry and Energy, at the KCCI headquarters in Jung-gu, Seoul, to convey a message welcoming his inauguration. The two agreed on the urgent need to establish innovation research and development (R&D) and regulatory reform policies to overcome the so-called "3 highs" (high inflation, high interest rates, and high exchange rates). They also shared the intention to expand the "new entrepreneurship" that pursues not only financial performance but also social value.

The KCCI stated on the same day, "Minister Lee was the first among major economic organizations to visit the KCCI after his inauguration." Chairman Chey told Minister Lee, "The business community welcomes you taking on the important role of Minister of Trade, Industry and Energy at a difficult time, as you possess both expertise and experience."

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy attending the 5th plenary meeting of the Presidential Transition Committee held on the 11th of last month at the Presidential Transition Committee in Samcheong-dong, Jongno-gu, Seoul. At that time, Minister Lee was the secretary of the Economic Subcommittee 2 of the Transition Committee. (Photo by Yonhap News)

Minister Lee diagnosed, "Corporate difficulties are increasing due to the combination of persistent low growth and the '3 highs.' The domestic and international economic conditions are very challenging, as the growth of major trading partners is slowing, supply chain instability is intensifying, and companies are facing a global industrial transformation such as digital and green transitions." He added, "To overcome low growth and establish a foundation for creating quality jobs, it is essential to restore industrial dynamism. As a policy partner, I will work with the industry to develop corporate growth strategies." This was a response to Chairman Chey's message of 'public-private cooperation.' Now in his second year as KCCI chairman, Chey has emphasized that private companies should not only propose policies to the government but also participate in the policy-making process.

Minister Lee requested the KCCI's cooperation to create sophisticated industrial policies for regulatory reform. He said, "As President Yoon Suk-yeol stated in his National Assembly policy speech on the 16th, sustainable growth requires regulatory reforms aligned with global standards. Therefore, I ask the KCCI to gather industry opinions and propose concrete regulatory reform plans. The Ministry of Trade, Industry and Energy will consult with related ministries through the President-led 'Industrial Innovation Strategy Meeting' to prepare reasonable improvement measures," he emphasized.

He also urged the activation of the "New Entrepreneurship Council," which is being promoted under the leadership of the KCCI. Minister Lee mentioned, "Please strengthen the industry's voluntary efforts through the council and propose necessary government support measures to restore entrepreneurship." Recently, the KCCI announced that Chairman Chey, Hyundai Motor Chairman Chung Eui-sun, Korea Employers Federation Chairman Sohn Kyung-shik, and Market Kurly CEO Kim Seul-ah will hold a "New Entrepreneurship Declaration Ceremony" at the KCCI headquarters on the 24th. The new entrepreneurship concept signifies a shift from shareholder capitalism focused on financial performance to stakeholder capitalism that also considers social value.

He also requested support for government policies fostering innovation in small and medium-sized enterprises (SMEs) and nurturing new industries through the convergence of manufacturing and service sectors. This means strengthening SME support through corporate technology sharing campaigns and the transfer of innovation know-how centered on the KCCI. Minister Lee emphasized, "We will promote policies that strongly support the industry's efforts for growth and entrepreneurship." He added, "Above all, I will listen to and empathize with entrepreneurs' opinions, seek answers on the ground, and take the lead in reflecting corporate policy demands in the government's decision-making process. Through frank and continuous communication with the industry, we will create better policies and solutions to restore vitality to our economy."

This content was produced with the assistance of AI translation services.